Behind the Money

Did Binance miss its chance to rule crypto?

Aug 23, 2023

The podcast discusses the downfall of FTX, how Binance struggled to capitalize on it, and its regulatory concerns. It also explores the rise of Binance and its founder's leadership, while discussing the growth and challenges faced by the cryptocurrency exchange.

18:07

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Quick takeaways

Binance missed an opportunity to dominate the crypto market after declining to bail out FTX

Binance's declining market share is a result of regulatory pressure and the overall decline in the crypto market

Deep dives

Binance's Rise and FTX's Collapse

In November 2022, the crypto exchange FTX faced imminent collapse, prompting its founder Sam Bankman-Fried to seek help from his rival, Sheng Pen Zhao, the founder of Binance. However, Zhao declined to bail out FTX, leading to its bankruptcy. This turn of events allowed Binance to dominate the crypto market, but it also attracted increased regulatory scrutiny. Binance faced legal challenges and lawsuits from regulators around the world, impacting its market share and growth. While Binance remains the largest crypto exchange, its market share has declined in recent months as a result of regulatory pressure and the overall decline in the crypto market.

Introduction

2min

The Downfall of FTX and the Rise of Binance

2min

Binance's Regulatory Concerns and Struggles in the Crypto Industry

2min

The Rise of Binance and the Leadership of CZ

2min

Binance's Growth and Regulatory Challenges

11min

The collapse of FTX sent shockwaves through the crypto ecosystem last year. But it gave rival crypto exchange Binance, the biggest in the world, a chance to dominate the markets. The FT’s digital assets correspondent Scott Chipolina explains why Binance has struggled to capitalise on that moment.

Clips from CNBC, CBS News and Good Morning America

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The FT Weekend Festival is back on Saturday, September 2 at Kenwood House Gardens in London! It’ll be a day of debates, performances and more — including a live recording of Behind the Money. As a podcast listener, claim £20 off your festival pass using promo code FTPodcast. Get your pass here: http://ft.com/festival

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For further reading:

Has Binance blown its chance to rule the crypto markets?

Small crypto exchanges take advantage of Binance’s decline

When tackling crypto, the SEC should be wary of overreach

Changpeng ‘CZ’ Zhao, crypto’s ‘corporate raider’

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On Twitter, follow Scott Chipolina (@ScottChipolina) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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